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Manila Bulletin devider Business devider Trade & Industry devider Manila Water secures majority stake in Mexico's Agua de Puebla

Manila Water secures majority stake in Mexico's Agua de Puebla

Published Nov 14, 2025 04:01 pm
Razon-led Manila Water Asia Pacific Pte. Ltd. announced that it has entered the Mexican market after securing a majority stake in Concesiones Integrales S.A. de C.V. (Agua de Puebla).
In a disclosure to the Philippine Stock Exchange (PSE) on Friday, Nov. 14, the company said it acquired a 74.85-percent stake in Agua de Puebla from Creando Estructuras S.A. de C.V. and Group Agua de México S.A. de C.V.
This nearly 80-percent stake will allow Manila Water to expand its international business by entering high-potential regions in Latin America, while securing operational control that could generate value in the future.
Roberto Locsin, Manila Water’s chief operating officer (COO) for international business and chief administrative officer, said he hopes the new ownership will help the Mexican company in its water developments.
“Our ability to optimize Manila Water’s existing operations through balanced concession management, disciplined cost approach, and portfolio rationalization has shown solid performance in the last few years,” he said.
“Likewise, we hope to be able to bring in unique value and capabilities on the current platform that the existing shareholders have established in Agua de Puebla to further accelerate the development and growth of the company.”
Agua de Puebla operates and distributes drinking water supply, treatment, sewage, and wastewater management services. Last year, it provided over 245 million liters per day of water to 1.5 million consumers within its franchise area, including the City of Puebla, Mexico’s fourth-largest city based on its population and cultural and economic activities.
Meanwhile, Manila Water Co.’s net income during the first nine months of the year stood at ₱12.6 billion, a 25-percent increase compared to last year’s ₱10 billion.
Its revenues likewise increased by nine percent from ₱27.5 billion to ₱30 billion.
Despite the growth in income, the company’s total attributable billed volume from January to September 2025 declined by 36 percent, from 1,019 million cubic meters (mcm) to 656.9 mcm. Overall billed connections remained steady at 1.39 million.
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